ESSEN, Germany, March 4 (Reuters) - German energy group E.ON will reach the upper end of synergy targets in relation to the breakup of Innogy, a board member said at Innogy’s extraordinary general meeting on Wednesday.
Synergies from the landmark deal, first announced two years ago, are seen at about 740 million euros ($825 million) for 2022 and 780 million for 2024, Leonhard Birnbaum, who serves as Innogy’s CEO and sits on E.ON’s management board, said.
E.ON, which has taken on Innogy’s retail and network activities as part of the deal, had originally seen synergies of 600-800 million euros from 2022. Innogy was carved out from RWE in 2016 and later listed on the stock exchange.
$1 = 0.8969 euros Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; editing by Thomas Seythal